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Neither Canada nor Greenland can claim Hans Island on the basis of historical occupation. The island was named during the American Polaris Expedition led by Charles Francis Hall, between 1871 and 1873. That expedition, an attempt to reach the North Pole, had its base on the Greenland coast at Thank God Harbor.
U.S. oil interests figure there could be up to 20 billion barrels of oil available– more than in ANWR.